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Breaking up is never easy, especially when it comes to business partnerships; these can be particularly complex and impactful. As an investor, how do you avoid getting entangled in messy issues? In the event that things unexpectedly go awry, how do you handle such situations?
Howard Kline is the founder of TKGADR Mediation & Arbitration Services. He has negotiated thousands of agreements and served as a legal advocate in over a thousand lawsuits, mediations and arbitrations for over 46 years, throughout the United states.
In this episode, Howard explains in layman's terms three legal words used in handling disputes among business partners, shedding light on the challenges, emotions, and practical considerations that come into play in business partnership breakups.
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What you will learn from this episode for 33 minutes:
Resources:
Topics Covered:
02:42 - Explaining litigation in simple terms
06:51 - What arbitration simply means
09:13 - Mediation in layman's terms
11:14 - Why taking your due diligence before jumping into partnerships and ventures is needed
13:38 - Important points to think about when doing due diligence on the part of the investor
18:19 - Why he doesn't involve relatives in joint ventures and important tips to take when entering into partnerships
22:01 - How not to hire deal killer lawyers
27:29 - What to do when things didn't go as planned with both parties
Key Takeaways:
"Over 50% of the disputes that we're looking to resolve arose because people didn't do adequate due diligence." - Howard Kline
"From the perspective of the investor, you want to know what the history is, the kind of projects they've done in the past, relationships they've had in the past, how those relationships have ended. You want to know what their experience was, not just what properties they've developed." - Howard Kline
"Hire a good lawyer to advise you. If you're going to enter into an agreement, have a really good contract. If it's real estate, it's got to be in writing." - Howard Kline
"I've seen emotions in business breakups that are just as bad as marital dissolutions. It's a highly emotional thing and people take it personally. So mediation is a really good process to start. I think that the parties really need to give themselves an opportunity to work things out." - Howard Kline
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